The Central Office of the Reserve Bank was initially established in Calcutta but
was permanently moved to Mumbai in 1937. The Central Office is where the Governor
sits and where policies are formulated.

Though originally privately owned, since nationalisation in 1949, the Reserve Bank
is fully owned by the Government of India.

The Preamble of the Reserve Bank of India describes the basic functions of the Reserve
Bank as:

"to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth."

One each for the four regions of the country in Mumbai, Calcutta, Chennai and New
Delhi

Membership:

consist of five members each

appointed by
the Central Government

for a term of four years

Functions : To advise the Central Board on local matters and to represent territorial
and economic interests of local cooperative and indigenous banks; to perform such
other functions as delegated by Central Board from time to time.

Sitting Fees and Halting Allowance of Board Directors/Members

Sitting Fees and Halting Allowance paid to the Directors of the Central Board, Members of the Local Board and Directors attending CCB/BFS/BPSS meetings

Note: In addition, the travel and stay expenses towards attending Board/Committee/ Sub-Committee meetings are also borne by the Reserve Bank of India.

Financial Supervision

The Reserve Bank of India performs this function under the guidance of the Board
for Financial Supervision (BFS). The Board was constituted in November 1994 as a
committee of the Central Board of Directors of the Reserve Bank of India.

The Board is constituted by co-opting four Directors from the Central Board as members
for a term of two years and is chaired by the Governor. The Deputy Governors of
the Reserve Bank are ex-officio members. One Deputy Governor, usually, the Deputy
Governor in charge of banking regulation and supervision, is nominated as the Vice-Chairman
of the Board.

BFS meetings

The Board is required to meet normally once every month. It considers inspection
reports and other supervisory issues placed before it by the supervisory departments.

BFS through the Audit Sub-Committee also aims at upgrading the quality of the statutory
audit and internal audit functions in banks and financial institutions. The audit
sub-committee includes Deputy Governor as the chairman and two Directors of the
Central Board as members.

The BFS oversees the functioning of Department of Banking Supervision (DBS), Department
of Non-Banking Supervision (DNBS) and Financial Institutions Division (FID) and
gives directions on the regulatory and supervisory issues.

Functions

Some of the initiatives taken by BFS include:

restructuring of the system of bank inspections

introduction of off-site surveillance,

strengthening of the role of statutory auditors and

strengthening of the internal defences of supervised institutions.

The Audit Sub-committee of BFS has reviewed the current system of concurrent audit,
norms of empanelment and appointment of statutory auditors, the quality and coverage
of statutory audit reports, and the important issue of greater transparency and
disclosure in the published accounts of supervised institutions.

Follow RBI

The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.

With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.

The site can be accessed through most browsers and devices; it also meets accessibility standards.

Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.

Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.